Venmo Emerges from Beta
March 23, 2012
After more than two years in beta testing, Venmo, a New York City-based mobile P2P payment service that leverages social networks, is available to the general public. The company, backed by investment firms Accel, RRE, Greycroft, and Lerer Ventures, has been characterized as a competitor to Iowa-based Dwolla in that it facilitates transfers to and from users’ bank accounts, though users can link a credit or debit card to fund transactions.
Venmo’s founders, who met as roommates at the University of Pennsylvania, say the company is now processing around $10 million in payments monthly, a figure that grows by 30 percent each month. They expect to process $250 million this year. Currently, Venmo does not charge individuals to make payments with friends in their network, but once the system eventually is adapted for small businesses, the company says it will charge a fee.